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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

              Monday, February 13, 2006, Vol. 9, No. 031

                            Headlines

A U S T R A L I A  &  N E W  Z E A L A N D

ADVANCED ROOFING: Members Agree to Wind Up Firm
BISLEY INVESTMENT: To Distribute Final Dividend
CAMEOBOND PTY: Placed Under Voluntary Liquidation
COMMUNITY TELEVISION: Members & Creditors Review Wind-up Report
EMANTI PTY: Brian Patrick Woodward Named Liquidator

FAIREY AUSTRALASIA: Inability to Pay Debts Leads to Wind-up
FUKUYAMA HOLDINGS: Sets Feb. 28 as Proof of Claim Deadline
FINESSE QUEENSTOWN: Application To Liquidate Company Filed
GLOBAL EXPERIENCE: Faces Petition For Wind-Up
GOLDEN CHEF: Receivers and Managers Appointed

HANENT PTY: To Hold Final Meeting Today
KEMUN INVESTMENTS: Liquidator to Distribute Assets
KOLDER MANAGEMENT: Prepares to Pay Dividend
M. M. GULLIFER: Enters Voluntary Liquidation
MULTIPLEX: Acts on Drug Use Allegations Among Wembley Workers

NETC PTY: Decides to Close Operations
NEW SYSTEMS: To Declare Dividend on Feb. 15
OCEAN AND EARTHWORKS: Liquidator to Present Wind-up Report
Q & F MEDICAL: Winds Up Business
QANTAS AIRWAYS: Budget Airlines To Share Facilities in Singapore

QUANTUM DEVELOPMENTS: Liquidation Application Filed Against Firm
R TAYLOR: Creditors Agree to Dissolve Operations
RED CONTRACTORS: Liquidation Hearing Set on Feb. 16
ROFE MANAGEMENT: Members Pass Winding Up Resolution
SHACK HOLDINGS: Faces Petition for Liquidation

SKIP & CO: Canterbury Wants Company Liquidated
SONS OF GWALIA: Enters Into Cabot Settlement and Supply Deal
SPRITSAIL ENTERPRISES: Appoints Official Liquidator
TELSTRA CORPORATION: Shareholders Launch AU$300 Mln Class Suit
TELSTRA CORPORATION: Director John Fletcher Steps Down

TELSTRA CORPORATION: Job Cuts Will Be More Aggressive, CEO Says
TELSTRA CORPORATION: Government Stake Sale Not Fixed
TELSTRA CORPORATION: CEO To Meet Nationals
TERRACE HOUSE: Prepares to Shut Down Operations
TERRY BRENNAN: Faces Petition to Liquidate Business

TILE PEOPLE: Schedules Final Meeting Today
WATTYL LIMITED: Shares Placed in Trading Halt
WESTPOINT GROUP: Faces Legal Action By Investors


C H I N A  &  H O N G  K O N G

ANSBACHER LIMITED: Liquidators to Present Wind-up Report
A.T. LOGISTICS: Court to Hear Wind-Up Petition on March 1
ASIA ALUMINUM: On Watch Negative After Management Buyout Bid
BRIGHTNESS BUILDING: To Hold Final Meeting on Feb. 28
DIESEL DISTRIBUTION: Liquidator to Present Wind-Up Report

G.K. GOH: Members Agree to Liquidate
GUANGDONG DEVELOPMENT: Baosteel Joins Consortium Bid
JUNIC PROJECT: To Hold Final Meeting on March 6
JUNKO ENTERPRISE: Cheuk Yee Man Ceases to Act as Liquidator
KINGSWOOD TRADING: Members & Creditors Meetings Fixed March 10

LOYAL FORTUNE: Liquidators to Give Wind-up Report
PROSTEN TECHNOLOGY: Net Loss Narrows to HK$19.8 Mln
TCL MULTIMEDIA: EGM Scheduled on February 27
TOPVIEW LIMITED: Decides to Wind Up and Names Liquidator
WING KEY: Court to Hear Wind-up Petition on March 8


I N D I A

BWL LIMITED: Releases Board Meeting Results
SHRI SAKTI: 2005 AGM Outcome Disclosed
SOUTH INDIAN: Fixes Price Ban for Public Issue


I N D O N E S I A

DIRGANTARA INDONESIA: Triples Aircraft Exports in 2005
GARUDA INDONESIA: Government Won't Guarantee Foreign Debts
KERETA API: To Accept Proposed Merger with PT INKA
KERTAS KRAFT: Government Invests IDR50 Bln to Resume Operations


J A P A N

HITACHI LIMITED: Engaged In Russian Plant Talks With Nissan
LIVEDOOR CO.: Media Exchange Wants Ties Cut
LIVEDOOR CO.: Securities Watchdog to Lodge Complaint
SOFTBANK CORPORATION: Posts JPY23.51 Bln Profit For Oct-Dec 2005


K O R E A

HANARO TELECOM: To Increase Fixed-line Rate to Boost Profits
SAMSUNG GROUP: KRW800 Mln Social Donation Stirs Critics


M A L A Y S I A

ANTAH HOLDING: Unveils Resolutions Passed at AGM
DATUK KERAMAT: Public Shareholding Spread Hits 78.43%
GEORGE TOWN: Shareholding Spread as of December Reaches 30.24%
KEMAYAN CORPORATION: Appellate Court Junks Park View Appeal
KEMAYAN CORPORATION: Seeks Extension of Restraining Order

MAGNUM CORPORATION: Buys Back Ordinary Shares
MALAYSIA AIRLINES: Turnaround Plan to be Announced Feb. 27
MAXIS COMMUNICATIONS: Enters Alliance with Broadband Multimedia
METROPLEX BERHAD: Finds Ways to Address Default
PANTAI HOLDINGS: Converts ICULS to Ordinary Shares

POS MALAYSIA: Issues New Shares for Listing & Quotation
RASHID HUSSAIN: Bourse to List & Quote New Shares Today
SUREMAX GROUP: Unit Settles Wind-Up Petition
TENAGA NASIONAL: Inks Term Loan Agreement with Malayan Banking


P H I L I P P I N E S

ABS-CBN BROADCASTING: Must Pay Victims PhP.5Mln Each, Solon Says
AL AMANAH BANK: To Seek Buyer by August
NATIONAL POWER: S&P Revises Rating Outlook to Stable
NATIONAL POWER: Says No Power Crisis This Year
* Firms May Lose Up To Php5 Billion Under IAS

* Outlook on Philippines Revised To Stable From Negative


S I N G A P O R E

COLOSSEUM CORPORATION: Court Issues Winding Up Order
DCS SOLUTIONS: Lim Pang Seek Files Wind-up Petition
DOWFLECT TRADING: Creditors' Claims Due Feb. 24
HESHE HOLDINGS: Director Subscribes for Shares
LINDETEVES-JACOBERG: To Hold End-of-Month EGM


T H A I L A N D


THAI HEAT: Plans to Exit Rehab Ahead of Schedule

     -  -  -  -  -  -  -  -

==========================================
A U S T R A L I A  &  N E W  Z E A L A N D
==========================================

ADVANCED ROOFING: Members Agree to Wind Up Firm
-----------------------------------------------
After their meeting on January 20, 2006, the members of Advanced
Roofing & Vents Pty Limited resolved to voluntarily wind up the
Company's operations.

Subsequently, G. A. Lopez, E. R. Verge and C. A. L. Huxtable
were appointed as joint and several liquidators.


BISLEY INVESTMENT: To Distribute Final Dividend
-----------------------------------------------
Bisley Investment Corporation Pty Limited will declare its final
dividend on February 15, 2006.

Creditors whose debts or claims have not already been admitted
must submit their proofs of claim by February 14, 2006, to
liquidator J. W. O'Brien, of O'Brien Palmer.

Failure to comply will exclude creditors from the benefit of the
dividend.


CAMEOBOND PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
The members of Cameobond Pty Limited convened on January 17,
2006, and concurred that the Company should wind up its
operations voluntarily.

In addition, the members appointed Ian Alexander Currie and
Peter George Biazos as liquidators.


COMMUNITY TELEVISION: Members & Creditors Review Wind-up Report
---------------------------------------------------------------
A final meeting of the members and creditors of Community
Television Sydney Limited was held today and enabled them to
receive the liquidator's final account showing how the Company
was wound up and how its property was disposed of.


EMANTI PTY: Brian Patrick Woodward Named Liquidator
---------------------------------------------------
Members of Emanti Pty Limited convened on January 19, 2006, and
agreed to voluntarily wind up the Company's operations.

Brian Patrick Woodward, of B. P. Woodward & Associates, was
appointed as liquidator to supervise Emanti's wind-up
activities.


FAIREY AUSTRALASIA: Inability to Pay Debts Leads to Wind-up
-----------------------------------------------------------
Fairey Australasia Pty Limited has determined that, due to its
inability to pay its debts, a voluntary wind-up of its business
operations is appropriate and necessary.

Timothy Paul Burfield and Anthony Stevens Smith, of Ernst &
Young, were appointed to oversee the Company's liquidation
activities.


FUKUYAMA HOLDINGS: Sets Feb. 28 as Proof of Claim Deadline
----------------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of Fukuyama Holdings Limited, which is under
liquidation, appointed Paul Graham Sargison and Gerald Stanley
Rea, chartered accountants of Auckland, as liquidators.

Creditors of the Company are required to submit proofs of claim
and establish their right to priority by February 28, 2006.


FINESSE QUEENSTOWN: Application To Liquidate Company Filed
----------------------------------------------------------
In December 2005, Tamahine Holdings Limited filed an application
with the High Court at Invercargill to place Finesse Queenstown
Limited under liquidation.

The Tamahine Application will be heard before the High Court at
Invercargill on February 16, 2006, at 10:00 a.m.

Any party who wishes to appear on the Hearing is required to
file an appearance not later than the second working day before
the scheduled hearing.

Tamahine Holdings may be contacted through its solicitor:

          Frazer Burnett Barton
          Anderson Lloyd Caudwell, Solicitors,
          Ground Floor, Otago House,
          481 Moray Place, Dunedin.


GLOBAL EXPERIENCE: Faces Petition For Wind-Up
---------------------------------------------
On January 19, 2006, Travelplan Holidays Limited filed an
application with the High Court at Wellington to wind up Global
Experience 2005 Limited.

Travelplan Holidays' wind-up request is scheduled for hearing on
February 27, 2006, at 10:00 a.m.  Any person, other than the
defendant-company, who wishes to appear on the hearing must file
an appearance not later than the second working day before that
day.

Travelplan Holidays may be contacted through:

          Lindsay Victor North
          Rhodes & Co, Barristers and Solicitors,
          Level Seventeen, 119 Armagh Street
          (P.O. Box 13-444),
          Christchurch.


GOLDEN CHEF: Receivers and Managers Appointed
---------------------------------------------
On January 6, 2006, the Commonwealth Bank of Australia appointed
Alan Geoffrey Scott and Mathew Campbell Muldoon as receivers and
managers of the property of Golden Chef (Victoria) Pty Limited.


HANENT PTY: To Hold Final Meeting Today
---------------------------------------
A final meeting of the members and creditors of Hanent Pty
Limited was held today, February 13, 2006.

At the meeting, liquidator G. G. Woodgate, of Woodgate &
Company, reported the activities that took place during the
wind-up period as well as the manner by which the Company's
property was disposed of.


KEMUN INVESTMENTS: Liquidator to Distribute Assets
--------------------------------------------------
After their general meeting on January 20, 2006, the members of
Kemun Investments Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.

Subsequently, J. D. Taubman, of G. I. Stevenson and Company, was
appointed as liquidator.


KOLDER MANAGEMENT: Prepares to Pay Dividend
-------------------------------------------
Kolder Management Services Pty Limited will declare a first and
final dividend on February 15, 2006.

Creditors who are not able to submit their proofs of claim will
be excluded from the benefit of the dividend.


M. M. GULLIFER: Enters Voluntary Liquidation
--------------------------------------------
At M. M. Gullifer Pty Limited's general meeting on January 17,
2006, members agreed that it is in the Company's best interests
to liquidate its operations.

Bruce Neil Mulvaney, of Bruce Mulvaney & Company, was appointed
to oversee the wind-up.


MULTIPLEX: Acts on Drug Use Allegations Among Wembley Workers
-------------------------------------------------------------
Multiplex Group has notified the British police about suspicions
of drug use among workers at its Wembley Stadium Project in
London, The Australian Associated Press says.

The Company's move came after the Sun newspaper in London
claimed that dozens of builders at the Wembley Project were
taking drugs.

Multiplex spokesman Matthew Chandler said that the Company is
taking the allegation seriously.  He told the AAP that after
learning of the allegations, "Multiplex has stepped up vigilance
throughout all sites and have asked all sub-contractors to
reinforce with their workers Multiplex's zero tolerance policy
on site."

The AAP cites Multiplex's Web site as stating that employees
attending work under the influence of alcohol or illicit drugs
are subject to disciplinary action or dismissal.

As previously reported, the construction of the Wembley Stadium
has been facing problems and Multiplex is pressured to complete
the project in time for the FA Cup Final in May.  In January, a
senior manager at the Company said that it only has around 70%
chances of timely completing the Wembley Stadium.

                        About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- is a fully
diversified property business that derives its revenue from
property funds management, construction, property development,
and facilities management.  The Group employs over 2,000 people
and has established operations and offices throughout Australia,
New Zealand, the United Kingdom and the Middle East.  In
December 2003, after 41 years as a private company, Multiplex
Limited listed on the Australian Stock Exchange as apart of the
Multiplex Group, raising a total of AU$1.2 billion.  Multiplex
Group was formed by combining the various businesses of
Multiplex Limited and the newly established portfolio of
investments held by Multiplex Property Trust, which created a
truly diversified and integrated property business.


NETC PTY: Decides to Close Operations
-------------------------------------
On January 19, 2006, the creditors of N E T C Pty Limited
convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- James Patrick Downey, of Cole Downey & Co. Chartered
      Accountants, be appointed to supervise the wind-up
      activities of the Company.


NEW SYSTEMS: To Declare Dividend on Feb. 15
-------------------------------------------
New Systems Refrigeration Pty Limited will declare a first and
final dividend on February 15, 2006.

Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend distribution.


OCEAN AND EARTHWORKS: Liquidator to Present Wind-up Report
----------------------------------------------------------
The members and creditors of Ocean and Earthworks Pty Limited
convened today, February 13, 2006, to receive liquidator G. G.
Woodgate's account regarding the Company's completed wind-up and
disposal of property.


Q & F MEDICAL: Winds Up Business
--------------------------------
Creditors of Q & F Medical Pty Limited held a meeting on Jan.
17, 2006, and agreed on the Company's need to liquidate.  They
named Daniel I. Cvitanovic to manage the Company's wind-up
activities.


QANTAS AIRWAYS: Budget Airlines To Share Facilities in Singapore
----------------------------------------------------------------
As previously reported by the Troubled Company Reporter - Asia
Pacific, Qantas Airways has been considering outsourcing its
long-haul heavy maintenance work to Asia.

The Sydney Morning Herald says that there were indications that
Qantas' low-cost domestic offshoot, Jetstar, and its 44.5%-owned
Singaporean airline, Jetstar Asia, may share a call center
facility and a back office administration facility in Singapore.
Qantas said that it wants to deepen the bond between its two
budget airlines.

According to the Sydney Herald, Jetstar oversees Jetstar Asia's
yield management, Internet and booking systems from its
Melbourne headquarters.  The cooperation between the two
airlines also sees Jetstar Asia lending one of its Airbus 320s
to Jetstar.

The paper cites Qantas' chief financial officer, Peter Gregg, as
saying that Jetstar has been doing well and there is more
availability for capacity in Australia, yet, if there is any
surplus capacity in Singapore, the better thing would be to use
it between the two airlines.

             Chong Phit Lian is Jetstar Asia's New CEO

Chong Phit Lian has been appointed as Jetstar Asia's new
executive officer.

Commenting on talks that Ms. Chong was appointed only as
figurehead and only for the purpose of addressing the common
perception that Jetstar Asia is an Australian airline, Mr. Gregg
stated that "[Ms. Chong] is the chief executive and the
spokesman for the company and responsible for the results we
expect out of the company."

The Sydney Herald relates, citing Mr. Gregg, that one of Ms.
Chong's goals is to draw more "inbound" passengers on to Jetstar
Asia planes, conceding the bulk of its passengers were
Singaporean.

                          About Qantas

Qantas Airways -- http://www.qantas.com.au/-- is the world's
second oldest airline.  Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe.  The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.
In the year ended June 30, 2005, Qantas recorded a profit
before tax of AU$1,027.2 million, up AU$62.6 million or 6.5% on
the previous year.  Net profit after tax of AU$763.6 million was
17.8% up on the prior year.  Revenue increased by 11.4% to
AU$12.6 billion.  The Directors declared a fully franked final
dividend of 10 cents per share, bringing total fully franked
dividends for the year to 20 cents per share.


QUANTUM DEVELOPMENTS: Liquidation Application Filed Against Firm
----------------------------------------------------------------
An application to liquidate Quantum Developments Limited has
been filed by Virtual Plumbing Limited in December 2005 with the
High Court at Wellington.

The Court has set the hearing for the Liquidation Application on
February 27, 2006, at 10:00 a.m.

Parties who wish to appear on the Hearing must file an
appearance not later than the second working day before the
Hearing Date.

Virtual Plumbing may be contacted through its solicitor:

          James Anthony Steele
          Keesing McLeod, Solicitors,
          Fifth Floor, Westfield Tower,
          45 Knights Road, Lower Hutt.


R TAYLOR: Creditors Agree to Dissolve Operations
------------------------------------------------
At a meeting of the creditors of R Taylor Distributor Pty
Limited on January 17, 2006, it was agreed that a voluntary
wind-up of the Company is appropriate and necessary.

David H. Scott, of Jones Condon Chartered Accountants, was then
appointed as liquidator.


RED CONTRACTORS: Liquidation Hearing Set on Feb. 16
---------------------------------------------------
The Commissioner of Inland Revenue filed an application to
liquidate Red Contractors Limited with the High Court at
Auckland.

The Hearing on the Application will be held on February 16,
2006, at 10:45 a.m.

Parties-in-interest who want to appear on the hearing must file
an appearance not later than the second working day before the
Hearing Date.

The Commissioner may be contacted through:

          S. J. Eisdell Moore
          Simon John Eisdell Moore, Crown Solicitor,
          The Offices of Meredith Connell, Level Seventeen,
          Forsyth Barr Tower, 55-65 Shortland Street
          (P.O. Box 2213 or D.X. C.P. 24-063),
          Auckland.


ROFE MANAGEMENT: Members Pass Winding Up Resolution
---------------------------------------------------
On January 18, 2006, the members of Rofe Management Pty Limited
decided to voluntarily wind up the Company's operations.

A creditors' meeting was also held on the same day.  As a
result, Steven Nicols, of Nicols + Brien, was appointed as
liquidator.


SHACK HOLDINGS: Faces Petition for Liquidation
----------------------------------------------
An application to liquidate Shack Holdings Limited was filed
with the High Court at Wellington by Accident Compensation
Corporation.

The Court will hold a hearing on the Application on Feb. 20,
2006, at 10.00 a.m.  Parties who wish to appear on the hearing
must file an appearance not later than the second working day
before the Hearing Date.

Accident Compensation may be contacted through:

          Dianne S. Lester
          Maude & Miller, Second Floor,
          McDonald's Building, Cobham Court
          (P.O. Box 50-555 or D.X. S.P. 32-505),
          Porirua City.


SKIP & CO: Canterbury Wants Company Liquidated
----------------------------------------------
Canterbury of New Zealand Limited seeks an order from the High
Court at Auckland directing Skip & Co Limited's liquidation.

Canterbury's Liquidation Application is scheduled for hearing on
February 16, 2006, at 10.00 a.m.

Any entity who wants to appear on the Hearing is required to
file an appearance not later than the second working day before
the Hearing Date.

Canterbury may be contacted through:

          Dianne S. Lester
          Credit Consultants Debt Services NZ Limited
          Level Three, 3-9 Church Street
          (P.O. Box 213 or D.X. S.X. 10 069),
          Wellington.


SONS OF GWALIA: Enters Into Cabot Settlement and Supply Deal
------------------------------------------------------------
Sons of Gwalia Ltd and Cabot Supermetals -- a business of Cabot
Corporation (NYSE: CBT) -- have reached an arbitration
settlement deal in connection with the price at which Sons of
Gwalia will supply tantalum ore to Cabot.  Under the Settlement,
Cabot paid Sons of Gwalia a lump sum of US$27 million to
terminate the existing five-year supply agreement and other
related agreements between them.

In that regard, the parties entered into a new three-year
tantalum ore supply agreement that incorporates a significantly
reduced annual volume.  Under the new arrangement, Cabot will
pay higher prices for ore than under the prior arrangement.
This will result in approximately AU$13 million more cost per
year to Cabot.

"We are pleased to have settled our pricing dispute and to enter
into a new supply agreement with Sons of Gwalia with reduced
volumes that allows us a better opportunity to manage our
tantalum raw material needs," Eduardo Cordeiro, vice-president
and general manager of Cabot Supermetals, said.

Andrew Love, Joint Deed Administrator of Sons of Gwalia, said
that the Company is "pleased to have achieved a commercial
resolution to this matter.  The settlement with Cabot allows
Gwalia additional operational flexibility and the new supply
agreement allows us to continue our valued relationship with
Cabot on agreed terms."

As previously reported, Sons of Gwalia and Cabot, which is the
failed miner's biggest tantalum customer, had been entangled in
a two-year stand-off on contract prices.

Moreover, administrators have been preparing to float Sons of
Gwalia on the Australian Stock Exchange in the next few months.
The float is estimated to have a market value of AU$1 billion.

The West Australian says that after the "eleventh hour"
settlement of the parties' contract dispute, the "path has been
cleared" for the revival of the Company's tantalum division.

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --
http://sog.com.au/-- is a mining company listed on the
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia, is the know to be the world's single biggest producer of
Tantalum.  It fell into administration in 2004 after serious
deterioration in its gold reserves.  In March, the
administrators sold the group's gold unit to Perth-based St.
Barbara Mines Ltd.
The company's liabilities have been estimated at around
AU$1 billion.  Its major creditors include gold hedging banks
and
a group of United States-based note holders.


SPRITSAIL ENTERPRISES: Appoints Official Liquidator
---------------------------------------------------
The shareholders of Spritsail Enterprises Pty Limited convened
on January 18, 2006, and decided to liquidate the Company's
business operations.

Subsequently, the shareholders named Dean Demeyer to facilitate
Spritsail's wind-up activities.


TELSTRA CORPORATION: Shareholders Launch AU$300 Mln Class Suit
--------------------------------------------------------------
Shareholders commenced a AU$300 million class action against
Telstra Corporation for keeping crucial financial information
from them.

The Australian Associated Press relates that the law firm of
Slater & Gordon represents a group of around 100 shareholders
who are suing Telstra for secretly briefing the Australian
Federal Government -- the Company's biggest investor -- about
its financial troubles.

AAP recounts that when Telstra publicly released the information
a month later to the stock market, along with a profit warning
in September 2006, the Company's shares plunged, while mum and
dad shareholders "watched in shock."

The shareholders' barrister, Alister Abadee, said that his
clients were angry that senior government ministers and the
prime minister were given the sensitive information about
Telstra's financial condition ahead of them.

AAP cites registrar Anthony Tesoriero as saying that the case
would be heard by Justice Murray Wilcox at a date to be fixed,
possibly late this March.

Telstra's chief executive officer, Sol Trujillo, believes that
the class action has no valid basis, AAP adds.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TELSTRA CORPORATION: Director John Fletcher Steps Down
------------------------------------------------------
Telstra Corporation Director John Fletcher has resigned from his
post after five years with the Company, the Australian
Associated Press reports.  His resignation is effective June 30,
2006.

Telstra Chairman Donald McGauchie said that the Company's Board
had accepted Mr. Fletcher's resignation.  He said that the
vacancy in the Board seat created by Mr. Fletcher's absence will
be filled along with other vacancies.

Mr. Fletcher was the chief executive officer of transport
company Brambles Industries Ltd before joining the telco as a
non-executive director in November 2000.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TELSTRA CORPORATION: Job Cuts Will Be More Aggressive, CEO Says
---------------------------------------------------------------
In November 2005, Telstra Corporation had disclosed its plan to
cut 23% of its 12,000-member workforce.  The Company has already
shed 1,060 jobs.

However, after Telstra recently posted a 10.3% drop in net
profit for the half year to December 31, 2005, the Company's
chief executive officer, Sol Trujillo, announced that job cuts
were set to become "more aggressive."

As a result, more than 1,000 Telstra workers are facing the
possibility of being displaced by June 30, 2006.

The Advertiser quotes Mr. Trujillo as saying that "it will be a
much more aggressive number in the second half than you saw in
the first half."

The paper relates that, after its recent financial report,
continuous redundancy payments and a rapid decline in fixed-line
phone use means that Telstra is sticking to a fall of as much as
26% in full-year earnings before interest and tax.  Minus
restructuring and redundancy costs, full-year EBIT is tipped to
fall from 15% and 20%.

Mr. Trujillo said that Telstra was "taking some tough medicine,"
with a 7.6% fall in fixed-line revenue to AU$3.8 billion during
the December half.  "(Fixed-line) revenue is declining at such a
rate that the revenue growth engines of broadband, Sensis and
wireless are barely compensating yet, given their relatively
smaller bases," he said.

The Advertiser notes that revenue from mobile phones rose 4.6%
to AU$2.49 billion, but the rate of mobile-phone sales growth
slowed from the 8.9% pace a year earlier, due to less lucrative
pre-paid and spending-limit plans.  Broadband revenue was up
42.3% to AU$888 million.

A 20-cent dividend was declared, including a 6-cent special
dividend, to be paid on March 24, 2006.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TELSTRA CORPORATION: Government Stake Sale Not Fixed
----------------------------------------------------
The Australian Government has no fixed date for selling its
majority stake in Telstra Corporation, Reuters reports, citing
Prime Minister John Howard.

The Government had planned to sell its AU$26 billion interest in
Telstra in October or November and is set to make a final
decision in the next two months.  However, Telstra shares have
fallen about 20% since Sol Trujillo took the spot as the
Company's chief executive officer in July 2005.

Prime Minister Howard says that the Government will only sell
its stake when it gets the best reasonable price.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TELSTRA CORPORATION: CEO To Meet Nationals
------------------------------------------
As earlier reported by the Troubled Company Reporter - Asia
Pacific, New South Wales Nationals senator Fiona Nash had asked
Telstra Corporation Chief Executive Officer Sol Trujillo to
attend Senate estimates hearing on communications next week to
answer certain queries regarding the Company.  Mr. Trujillo
initially rejected the invitation.

Yet, the Australian Associated Press cites Senator Nash as
stating that Mr. Trujillo has already agreed to brief the
Nationals' federal parliamentary party at a private meeting in
Canberra within the next few weeks.

According to Senator Nash, the private meeting with Mr. Trujillo
presents the Nationals with an opportunity to discuss the CEO's
plan for Telstra and the Company's proposals for rural and
regional Australia.

Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.


TERRACE HOUSE: Prepares to Shut Down Operations
-----------------------------------------------
Terrace House Pty Limited's members held an extraordinary
general meeting on January 18, 2006, and agreed to shut down the
Company's operations.  They named Gilbert James Shearer, of
Cranstoun & Hussein Chartered Accountants, to act as liquidator.


TERRY BRENNAN: Faces Petition to Liquidate Business
---------------------------------------------------
In December 2005, the Commissioner of Inland Revenue filed an
application to place Terry Brennan Contractors Limited under
liquidation.

The Application will be heard before the High Court at Napier on
February 16, 2006, at 10.00 a.m.

Any person, other than the defendant company, who wishes to
appear on the Hearing must file an appearance not later than the
second working day before the Hearing Date.

The Commissioner may be contacted through its solicitor:

          R. J. Collins, Crown Solicitor,
          Messrs Elvidge & Partners, Solicitors,
          Corner of Raffles and Bower Streets, Napier.



TILE PEOPLE: Schedules Final Meeting Today
------------------------------------------
A final meeting of The Tile People (Fixing) Pty Limited was held
today, February 13.

At the meeting, Liquidator Manfred Holzman, of Holzman
Associates, presented his final account regarding the Company's
wind-up operations.


WATTYL LIMITED: Shares Placed in Trading Halt
---------------------------------------------
Shares in Wattyl Limited have been placed in a trading halt
pending further announcement by the Company, the Australian
Associated Press says.

As previously reported, Wattyl has been fighting against a
AU$275 million hostile takeover bid by investment firm Allco
Equity Partners Ltd.  Allco has extended its offer to February
21, 2006, but also indicated that it was reviewing its options
after the paintmaker failed to meet a AU$10 million earnings
before interest and tax in the first half.  Allco had set that
EBIT amount as its a takeover condition.

Recently, market speculations arose regarding a possible rival
offer from South African-based Barloworld Ltd.  Barloworld
appointed ANZ to review the Allco proposal and advise it on a
range of alternatives at the same time.

The AAP recounts that Wattyl is into a large-scale restructure,
which is expected to bring in annual cost savings of AU$22
million and forecast EBIT of AU$36.6 million in 2006/07.

Wattyl reported an unaudited first half net profit for 2005/06
of AU$3.4 million, after a one-time restructuring charge of
AU$3.8 million.  Wattyl shares last traded at AU$3.54 before the
trading halt, while Allco Equity Partners partly-paid securities
were at AU$2.65.

Headquartered in North Ryde, New South Wales, Wattyl Limited --
http://www.wattyl.com.au/-- is a paint and surface coatings
company that produces a broad range of paints, varnishes,
lacquers and special purpose protective coatings.  With
operations in Australia and New Zealand, Wattyl employs over
2,000 people.  The Company's origins date back to the
development
of crystal veneer, which is a treatment for reviving French-
polished furniture.  Wattyl has then developed more special
products, including protective coatings with long term exterior
durability, high performance marine coating systems, UV-cured
timber finishes, specialized protective coatings that enable
easy removal of graffiti from treated surfaces, and special
effect finishes for automotive wheels and components.


WESTPOINT GROUP: Faces Legal Action By Investors
------------------------------------------------
Property investors in the Westpoint Property Group's former
development project in Market Street are pursuing legal action
to opt out of sales contracts, The Age reports.

According to the paper a group of nine investors has already
initiated a class lawsuit seeking to dissolve their sale
contracts for the development project's hotel apartments.  The
complaint was filed with the Victorian Supreme Court against
Westpoint Management Pty Ltd on December 15, 2005 -- seven days
before the development was placed in the hands of the receivers,
Deloitte Touche Tohmatsu partners David Lombe and Sal Algeri.
The nine investors are still expected to file a statement of
claim.

Property investors have bought all 280 hotel apartments at the
development at 54-60 Market Street.  The project will no longer
be completed due to Wespoint's collapse.

Property investors are also concerned about the ongoing
involvement of serviced apartment operator, Pacific
International Hotels.  Westpoint Management had an agreement
with Pacific International to lease all the apartments from
individual owners.
Deloitte is yet to secure agreement from the hotel apartment
operator to extend a sunset clause on its lease agreement, which
expires today, February 13, 2006.


==============================
C H I N A  &  H O N G  K O N G
==============================

ANSBACHER LIMITED: Liquidators to Present Wind-up Report
--------------------------------------------------------
A final meeting of the shareholders of Ansbacher (Hong Kong)
Limited will be held on March 6, 2006, at 10:00 a.m.

At the meeting, liquidator Stephen Neville Hall will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.


A.T. LOGISTICS: Court to Hear Wind-Up Petition on March 1
---------------------------------------------------------
On January 4, 2006, Wong Yuk Kuen presented a petition to wind
up A.T. Logistics (H.K.) Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 1, 2006, at 9:30 a.m.

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.  A written notice of the creditor's or contributory's
intention must be sent not later than 6:00 p.m., on February 28,
2006, to:

          Betty Chan
          Director of Legal Aid
          34/F, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong
          Phone: 633-3368
          Fax: 634-3009


ASIA ALUMINUM: On Watch Negative After Management Buyout Bid
------------------------------------------------------------
Standard & Poor's Ratings Services had placed its "BB" long-term
corporate credit rating on Asia Aluminum Holdings Limited on
CreditWatch with negative implications.  At the same time, it
also placed US$450 million in senior unsecured notes due 2011 on
CreditWatch with negative implications.

The rating actions follow an announcement that AAH chairman and
controlling shareholder, Kwong Wui Chun, with the support of
several management executives, has made a preliminary approach
to take the Company private.  The chairman and his associates
hold a 35.41% stake in AAH.

"Although the bond covenants have restrictions on dividend
payments, asset transfers, and additional debt at AAH, Standard
& Poor's is concerned that the leverage of the overall group
could increase significantly as a result of a leveraged
management buy-out," said Standard & Poor's credit analyst
Raymond Woo.  The CreditWatch placement will be resolved on
further developments.

AAH provides aluminum extrusion products, primarily to the
Greater China market.  The Company was founded by Mr. Kwong in
1992 and is listed on the Hong Kong stock exchange. AAH has five
production facilities in Nanhai, Guangdong province, China, with
an aggregate annual capacity of 150,000 metric tons.  It is
building an extrusion and flat-rolled plant in the neighboring
city of Zhaoqing.

The Company's operating performance has been in line with
expectations.  Construction of the extrusion plant in Zhaoqing
is a few months behind schedule for operations in mid-2006,
while the flat-rolled plant is still on schedule for scommercial
operations in early 2007.  For the fiscal year ended June 30,
2005, AAH's turnover and EBITDA increased, but its net income
fell due to increased interest costs.

Headquartered in Kowloon, Hong Kong, Asia Aluminum Holdings
Limited -- http://www.asiaalum.com/-- is the powerhouse of
aluminum extrusion, offering comprehensive solutions in design
and engineering, extrusion, surface finishes, fabrication and
delivery.  The Company is quoted on the Hong Kong Stock Exchange
and is one of the largest investor-owned aluminum businesses in
Asia, serving the infrastructure, transportation, industrial and
home improvement sectors.  The Company currently operates five
production facilities in Nanhai in China's Guangdong Province
with an aggregate capacity of 150,000 metric tons, and is
building a new avant-garde platform in the neighboring city
Zhaoqing, to facilitate future progressive business rollouts.


BRIGHTNESS BUILDING: To Hold Final Meeting on Feb. 28
-----------------------------------------------------
The members and creditors of Brightness Building Services
Limited will convene on February 28, 2006, to receive liquidator
Lau Ko Puis' account regarding the Company's completed wind-up
and disposal of property.

The final meeting will be held at Units 605-606, Hilder Centre,
2 Sung Ping Street, in Hung Hom, Kowloon.


DIESEL DISTRIBUTION: Liquidator to Present Wind-Up Report
---------------------------------------------------------
A final general meeting of the members of Diesel Distribution
(Hong Kong) Limited will be held for the parties to receive the
liquidator's final account showing how the Company was wound up
and how its property was disposed of.


G.K. GOH: Members Agree to Liquidate
------------------------------------
On January 24, 2006, the members of G.K. Goh Derivatives (H.K.)
Limited convened and agreed that:

   -- the Company be wound up voluntarily.

   -- Lee Angel be appointed to supervise the Company's wind-up
      activities; and

   -- the liquidator will not be required to cause the account
      of receipts and payments to be audited.


GUANGDONG DEVELOPMENT: Baosteel Joins Consortium Bid
----------------------------------------------------
Shanghai Baosteel Group Corporation has joined a consortium led
by Societe Generale to bid for a stake in Guangdong Development
Bank, China Daily relates.

The newspaper did not provide further details about Baosteel's
involvement in the Societe Generale Consortium.

The three potential buyers -- the Societe Generale Consortium, a
Citigroup-led consortium and a group led by domestic insurance
firm Ping An -- had been due to hand in documents for the final
round of bids on February 7, 2006.

Caijing, the Citigroup Consortium, had offered the highest bid,
at CNY24.1 billion, for an 85% stake in the financially troubled
institution.  The Societe Generale Consortium has offered
CNY23.5 billion for a similar stake in the bank, while Ping An
Group offered CNY22.6 billion.

The result of the bidding will be announced by end of this
month.


JUNIC PROJECT: To Hold Final Meeting on March 6
-----------------------------------------------
The members of Junic Project Management Company Limited will
meet on March 6, 2006, at 10:00 a.m., to receive the
liquidators' account regarding the Company's completed wind-up
and disposal of property.

At the meeting, the members will propose that the books,
accounts and documents of the Company will be retained by the
liquidator and at the expiration of three months from the
dissolution of the Company, be destroyed.

Lit Kam Leung serves as the Company's liquidator.


JUNKO ENTERPRISE: Cheuk Yee Man Ceases to Act as Liquidator
-----------------------------------------------------------
At a meeting of Junko Enterprise International Limited on
January 17, 2006, Cheuk Yee Man ceased to act as liquidator of
the Company.

No further details were disclosed.


KINGSWOOD TRADING: Members & Creditors Meetings Fixed March 10
--------------------------------------------------------------
The final meetings of the members and creditors of Kingswood
Trading Limited will be held at the 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, in Central, Hong Kong, on
March 10, 2006, at 10:30 a.m. and 11:00 a.m., respectively.

A contributory or creditor entitled to attend at the meeting may
be represented by any proxy.

Forms of proxies for both meetings must be lodged not later than
March 9, 2006, at the meeting location.


LOYAL FORTUNE: Liquidators to Give Wind-up Report
-------------------------------------------------
A final meeting of the members of Loyal Fortune Trading Limited
will be held on March 3, 2006, at 10:00 a.m.

At the meeting, liquidator Takeo Nishiyama will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.


PROSTEN TECHNOLOGY: Net Loss Narrows to HK$19.8 Mln
---------------------------------------------------
Prosten Technology Holdings Limited incurred a net loss of
HK$19.839 million for the nine months ended December 31, 2005,
versus a net loss of HK$30.691 million in the same period a year
earlier.

Loss per share was HK$0.039.  No third quarter dividend was
declared.

Headquartered in Wanchai, Hong Kong, Prosten Technology Holdings
Limited - http://www.prosten.com/-- has become a dominant
player in its chosen markets and enjoyed a successful track
record in providing software and value added solutions, IT and
networking services, and large scaled integration services to
telecommunication carriers and enterprises.  The Group currently
has 176 employees with operating offices in major cities of
China including Beijing, Shanghai and Guangzhou.


TCL MULTIMEDIA: EGM Scheduled on February 27
--------------------------------------------
The extraordinary general meeting of TCL Multimedia Technology
Holdings Limited will be held at the Hennessy Room, 7th Floor,
Conrad Hong Kong, Pacific Place, in 88 Queensway, Hong Kong, on
February 27, 2006, at 10:00 a.m., for the Board of Directors to
agree on these matters:

  -- an increase in the authorized share capital of the Company
     from HK$500,000,000 divided into 5,000,000,000 shares of
     HK$0.10 each to HK$800,000,000 divided into
     8,000,000,000 shares by the creation of an additional
     3,000,000,000 shares;

  -- the directors' authority to execute all documents,
     instruments and agreements to complete the Company's
     capital increase;

  -- the Master Sourcing Agreement and the proposed annual caps
     for each of the three financial years ending Dec. 31, 2006,
     2007 and 2008, as set out in the Circular be approved,
     ratified and confirmed;

  -- Alastair Kenneth Ruskin Campbell's re-election as an
     executive director of the Company; and

  -- Didier Trutt's re-election as an executive director of the
     Company.

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclcom.com/-- is
formerly known as TCL International Holdings Limited.  The
Group's principal activities are designing, manufacturing and
selling electronic products like colored TV, DVD players, VCD
players, home cinema hi-fi systems, mobile handsets, internet
related information technology products, refrigerators and
washing machines.  Its other activity includes trading
electronic parts and components used in the production of color
television sets.


TOPVIEW LIMITED: Decides to Wind Up and Names Liquidator
--------------------------------------------------------
On December 6, 2005, the members of Topview Limited convened and
agreed that:

   -- the Company be wound up voluntarily; and

   -- James Wardell and Jackson Ip, of CCIF Corporate
      Advisory Services Limited, be appointed to
      supervise the wind-up activities of the Company.


WING KEY: Court to Hear Wind-up Petition on March 8
---------------------------------------------------
On January 13, 2006, Chat Fat Tai filed an application to wind
up Wing Key Construction Company Limited.

The High Court at Christchurch will hear the application on
March 8, 2006, at 9:30 a.m.

Any person, other than the defendant-company, who wishes to
appear on the hearing of the application, must file an
appearance not later than March 7, 2006 to:

          Betty Chan
          Director of Legal Aid
          34/F, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong
          Phone: 633-3368
          Fax: 634-3009


=========
I N D I A
=========

BWL LIMITED: Releases Board Meeting Results
-------------------------------------------
BWL Ltd's Board of Directors held a meeting on January 27, 2006.

In view of losses, the Directors were unable to recommend any
dividend while approving the Accounts for the 18th month-period
ended September 30, 2005.

Moreover, the Board informs the Bombay Stock Exchange that the
hearing, initially held on January 24, 2006, before The
Appellate Authority of Industrial and Financial Reconstruction
in connection with the Company's appeal against the orders
issued by the Board for Industrial & Financial Reconstruction,
has been adjourned to March 13, 2006.

Shri H.P. Khetawat, Chairman Cum Managing Director of the
Company, has expressed to the Board his unwillingness to renew
his term after March 31, 2006, and has tendered his resignation
as Director of the Company after that date.

Furthermore, the Company has informed the BSE that its Register
of Members & Share Transfer Books will be closed from Feb. 21,
2006, to Feb. 24, 2006, to make way for the Annual General
Meeting of the Company on Feb. 24.


SHRI SAKTI: 2005 AGM Outcome Disclosed
--------------------------------------
Shri Shakti LPG Ltd informs the Bombay Stock Exchange that at
the Company' 12th Annual General Meeting on December 30, 2005,
the members of the Board of Directors have agreed to:

   a. adopt the Profit and Loss Account for the year ended
      March 31, 2005, and Balance Sheet as at March 31, 2005,
      together with the Directors' Report and the Auditors'
      Report;

   b. re-appoint B.K. Bakhshi and Dr. A. Balasetti as directors
      of the Company, liable to retire by rotation;

   c. appoint M/s Venugopal & Chenoy, Chartered Accountants, as
      Statutory Auditors, from the conclusion of the AGM until
      the conclusion of the Company's next annual general
      meeting;

   d. increase the Authorized Share Capital of the Company from
      Rs 600,000,000/- to Rs 650,000,000/- by creation of
      5,000,000 equity shares of Rs 10/- each, ranking pari
      passu with existing equity shares and the consequential
      amendment in the Company's Memorandum & Article of
      Association; and

   e. offer, issue and allot up to 7,000,000 equity shares of
      the face value of Rs 10/- each at par (as may be fixed by
      the relevant guidelines or valuation) per equity share on
      preferential basis to M/s Chintalapati Holdings Pvt Ltd on
      such terms and conditions as the Board may deem fit in its
      sole discretion.

Headquartered in Hyderabad, India, Shri Shakti LPG Ltd is an
integrated LPG company with its own dedicated port facilities,
bulk storage terminals, network of bottling plants and
distribution outlets and manufacture of LPG cylinders and LPG
conversion kits for 2-wheelers, 3-wheelers & Gensets.  SSLPG has
import facilities on East Coast (Kakinada).  It has three
bottling plants at Kakinada, Hyderabad and Bangalore and the
distribution network covers the entire Southern India, with over
300 exclusive dealers.  The company has been booking net losses
from year 2000 up to the present.


SOUTH INDIAN: Fixes Price Ban for Public Issue
----------------------------------------------
South Indian Bank Ltd informs the Bombay Stock Exchange that its
Board of Directors met on February 08, 2006, and has decided and
fixed the Price Band for its forthcoming Public Issue:

   Price Band: Rs 60/- to Rs 66/- per share

   Minimum Bid: 100 shares

   Multiples of shares to be applied for: 100 shares

The issue will open for subscription on February 10, 2006.


=================
I N D O N E S I A
=================

DIRGANTARA INDONESIA: Triples Aircraft Exports in 2005
------------------------------------------------------
PT Dirgantara Indonesia had tripled its aircraft and components
exports in 2005, indicated by figures from the Central
Statistics Agency, The Jakarta Post reports.

PT DI delivered 34 CN-235 planes to neighboring countries in
Asia, including Malaysia, South Korea and Thailand, as well as
the United Arab Emirates in the Middle East, giving rise to
IDR738 billion in export earnings.

The Company's total aircraft exports and domestic sales amounted
to IDR782 billion last year.  It also received a IDR500 billion
long-term order for wing components from Airbus, The Post
relates.

However, according to DI spokesman Rakhendi Triatna, record
earnings are not enough, as the Company needs at least IDR184.6
billion to continue its operations.  DI is trying to look for
possible solutions to its problems, such as asking clients to
supply raw materials for their orders so that the Company would
only have to provide manufacturing equipment and labor.  The
Post also cites Industry Ministry Secretary-General Agus
Tjahajana as saying that DI should revive its research and
development department as soon as it earns enough revenues.

PT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/
-- is one of the indigenous aerospace companies in Asia with
core competence in aircraft design, development and manufacture
of civilian and military regional commuter aircraft.  Since
being established in 1976, the company has successfully
exploited its ability as industry of manufacture and has
diversified its product not only in the field of aircraft but
also in Telecommunication, Automotive, Maritime, Information
Technology, Oil & Gas, Control & Automation, Military,
Simulation Technology, Industrial Turbine, and Engineering
Services.  In production line, Dirgantara Indonesia has
delivered more than 300 units of aircraft & helicopters, defense
system, aircraft components and other services.  Through the
implementation of restructuring program in the beginning of
2004, Dirgantara Indonesia's workforce has been arrowed down
from 9, 670 employees to 3, 720; and its 18 business units have
been streamlined into 5 core businesses.


GARUDA INDONESIA: Government Won't Guarantee Foreign Debts
----------------------------------------------------------
The Indonesian Government will not guarantee PT Garuda
Indonesia's foreign debts since it would require the approval of
the House of Representatives to do so, but, the Government
pledges to help keep the Company afloat, The Jakarta Post says,
citing Minister of State Enterprises Sugiharto.

According to Minister Sugiharto, the Government will propose
solutions so the troubled airline could repay its IDR7.33
trillion debt to foreign creditors.  In earlier talks concerning
a debt-restructuring scheme, foreign creditors had demanded that
the Government guarantee Garuda's debts so that it would not
default on its payments anymore.  The Company could not make a
payment worth IDR587.4 billion due December 31, 2005.

The Post relates that Garuda's finance director, Alex
Maneklaran, said that the Company still needs IDR516.9 billion
for its working capital to be able to resume normal operations.
The Government has asked Garuda to form a strategic alliance
with global airlines to get the much-needed funds.  Mr.
Maneklaran added that they expect to come up with a
restructuring plan in June this year.

The Post, citing Garuda Chief Executive Officer Emirsyah Satar,
said that the Company is also planning to sell off some of its
units, including budget airline Citilink, in order to raise
funds.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


KERETA API: To Accept Proposed Merger with PT INKA
--------------------------------------------------
PT Kereta Api is set to accept a proposed merger with troubled
railway train manufacturer PT Industri Kereta Api, Asia Pulse
reports.  The move is expected to help bail out PT KA.

The Office of The Minister of State Enterprises, however, stated
that the merger deal will have to wait for until June when the
Government will hold an extraordinary general meeting to discuss
options for PT INKA.

According to PT KA President Ronny Wahyudi, he was informed by
State Enterprises Minister Sugiharto and Transportation Minister
Hatta Rajasa about the possible merge, and he believes that PT
INKA could survive if it joins with PT KA, since it received
several orders for railway coaches, Asia Pulse relates.

Headquartered in Bandung, West Java, Indonesia's state railway
PT Kereta Api -- http://www.kereta-api.com/-- operates a large
and busy network.  Its 6,000 kilometers of track extend
throughout Java and Sumatra and carry some 200 million
passengers per year.  Since 1999, KAA has operated as a limited
corporation and is currently implementing a strategy for change
designed to make it Indonesia's main choice of transport for all
sectors of Indonesian society.


KERTAS KRAFT: Government Invests IDR50 Bln to Resume Operations
---------------------------------------------------------------
The Indonesian Government injected up to IDR50 billion into
ailing PT Kertas Kraft Aceh to enable the Company to resume
normal operations, Asia Pulse relates.

KKA ceased operations in 2003 when its supplier, ExxonMobil,
stopped supplying gas to the Company after it failed to pay an
outstanding gas bill amounting to IDR65 billion.  The Company
was unable to secure another gas supplier after that.  The
Company stopped paying its 1,035 workers last year.

KKA's largest creditor, state-owned lender PT Bank Mandiri, said
that it is willing to restructure the Company's IDR165-billion
debt after the Government has disbursed the funds to KKA, Asia
Pulse relates.

Minister of State Enterprises Sugiharto has said that Kertas
Kraft needs up to IDR200 billion in order to resume its
operations.


=========
J A P A N
=========

HITACHI LIMITED: Engaged In Russian Plant Talks With Nissan
-----------------------------------------------------------
Hitachi Limited is in talks with Nissan Motors to build up
plants in Russia, the Siberian Financial Information Service
relates.

According to the report, Nissan intends to expand its business
presence in the Russian market, and the launching of its own
production will lead to that.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Hitachi Limited's third quarter net profit fell 79.4%
due to losses at its hard disk drive operations.  Hitachi is
failing to keep up with rivals in the display business such as
Sharp Corporation and Matsushita Electric Industrial Co., whose
larger scale helps the Company cut costs per screen.

Headquartered in Tokyo, Japan, Hitachi Limited
-- http://www.hitachi.com/-- is a leading global electronics
Company with approximately 347,000 employees worldwide.  The
Company offers a wide range of systems, products and services in
market sectors including information systems, electronic
devices, power and industrial systems, consumer products,
materials and financial services.


LIVEDOOR CO.: Media Exchange Wants Ties Cut
-------------------------------------------
Media Exchange Inc. wants to reduce its stake in Livedoor Co.
from about 50% at present, to prevent the association from
harming its business, Japan Today relates.

The Troubled Company Reporter - Asia Pacific reported last month
that a Livedoor subsidiary has allegedly provided false
information in the 2004 takeover of publisher Money Life and
that Livedoor itself concealed a US$8.7 million loss for results
ending September 2004.  Livedoor Chief Executive Officer
Takafumi Horie, together with Chief Financial Officer Ryoji
Miyauchi, was said to have been involved in the fiasco.

Headquartered in Tokyo, Japan, Livedoor Co. Ltd.
-- http://corp.livedoor.com/en/-- is into Internet-related
business.  It is involved in many sectors, including out portal
site "livedoor", financial business, corporate web solution,
data center and IP telephony business.


LIVEDOOR CO.: Securities Watchdog to Lodge Complaint
----------------------------------------------------
The Securities and Exchange Surveillance Commission may file a
criminal complaint against Livedoor Co. and its subsidiary,
Livedoor Marketing Co., over suspected breaches of the
securities law, Kyodo News says.

Prosecutors have said that Lenovo's former chief executive
officer, Takafumi Horie, and other executives had sought to
boost share prices by spreading false information, issuing new
shares to "acquire" firms already under the Company's control
and then selling the shares for a profit to pad the books.


SOFTBANK CORPORATION: Posts JPY23.51 Bln Profit For Oct-Dec 2005
----------------------------------------------------------------
Softbank Corporation posted a group operating profit of JPY23.51
billion for the October to December period, versus a loss of
JPY7.54 billion in the same period a year earlier.

The Company reported large losses for several years as it booked
investments in its Yahoo BB ADSL (asymmetric digital subscriber
line) high-speed Internet service, which grew briskly due to
cut-rate prices, innovative services and an aggressive sales
campaign.

This is the second straight quarter that the Company has
reported a profit, but analysts have expressed concern that it
could post losses again as it starts to build a new mobile
network, for which it received a government license in November.

Headquartered in Tokyo, Japan, Softbank Corporation's --
http://www.softbank.co.jp/-- principal activities are to
wholesale personal computer software and publish personal
computer magazines.  The operations are carried through the
following divisions: Internet/Infracture; Fixed line
communication; E Commerce; Internet/Culture; E Finance;
Broadcasting; Technology Service; Media/Marketing; Overseas Fund
and Other.  E-commerce includes distribution of personal
computers, software, network and other PC related products. E-
finance includes on-line financial services.  Media and
marketing comprise of publishing PC related books and magazines,
computer trade and show operations.  Broadcasting constitutes
applications and contents of communication/broadcasting
infrastructures.


=========
K O R E A
=========

HANARO TELECOM: To Increase Fixed-line Rate to Boost Profits
------------------------------------------------------------
Hanaro Telecom Inc. will increase its monthly service charges by
KRW500 starting March 2006, Yonhap News Agency relates.

Specifically, the inner-city calls, which are made in the Seoul
metropolitan area, will be subject to the charge increase.
Customers in this area will pay KRW4,500 from the previous rate
of KRW4,000 for Hanaro's fixed-line telephone service.

"The decision was made in a way to boost our profitability,
which is lower than market rival KT Corp.," a company spokesman
told Yonhap.

The increase in rates is reportedly done to rescue Hanaro's
plunging income amid a slowdown in the fixed-line
telecommunications market.

In a regulatory filing on Wednesday, Hanaro posted a net loss of
KRW208.84 billion, a turnaround from the previous year's net
profit of KRW10.49 billion.

Restructuring costs prior to its merger with Thrunet Co. caused
the sharp decline in earnings.

Headquartered in Seoul, South Korea, Hanaro Telecom Inc. --
http://www.hanaro.com-- is a player in the Korean local
telephone market.  It provides high-speed Internet
services in Korea.  In June 2001, the Company integrated
broadband Internet access services which included ADSL, Hybrid
Fiber Coaxial cables and Broadband Wireless Local Loop into a
single brand called HanaFOS.  Hanaro offers VoIP services to its
broadband business customers as a bundled service and also as a
stand-alone service.  Its VoIP infrastructure consists of an
ADSL / VDSL circuit, a splitter and a modem.  The splitter,
which is connected through a DSL or cable modem line, converts
the user's voice into digital data packets, which are further
passed on through the Internet.  The operator had 1.5 million
VoIP subscribers at the end of July 2005.


SAMSUNG GROUP: KRW800 Mln Social Donation Stirs Critics
-------------------------------------------------------
As previously reported in the Troubled Company Reporter - Asia
Pacific, Samsung Group's chief executive officer, Lee Kun-hee,
and his family, has set aside KRW800 billion for social causes.

After the announcement, Samsung has been bombarded with
criticisms from different sectors, The Korea Herald says.

Critics said Samsung should face its legal responsibilities
instead of solving everything with money.  According to The
Herald, critics suggest that the social donation is Samsung's
way to sway the public's attention away from the ongoing
investigation over an alleged wealth transfer scheme.

Samsung is suspected of trying to bribe a presidential candidate
in 1997 and attempts at wealth transfers from Chairman Lee to
his children through illegal bond dealings.

Aside from the bribery scandal, Samsung is also currently under
investigation over the 1996 purchase of corporate bonds of
Samsung Everland Ltd. by Chairman Lee's children at below market
price.

The amusement park is Samsung's de facto holding company and at
the center of a suspected cross-investment scheme that helps the
Lee family to maintain control over the group.

A lower court that handled the bond deal case in October has
convicted two Samsung executives.  Both the prosecution and
Samsung are appealing the case.

Not only issues relating to Samsung Group came about, the
controversy surrounding its now-defunct auto unit -- Samsung
Motor -- was also revived.

In an agreement with the automakers' creditors, Chairman Lee
guaranteed his shares in Samsung Life Insurance Co. as debt
payment for Samsung Motor.  During that time, Samsung Life's
share was valued at KRW700,000 on the assumption that it would
be listed.  But the insurer failed to list as it could not meet
regulatory rules, involving distribution of dividends to
policyholders.

An unidentified official said Samsung continues to hope the
matter will be resolved through the listing of the insurer's
shares.

Apart from the donation, Samsung Group plans of expanding its
social contribution by mobilizing its entire work force.  The
move would give rise to a gigantic social voluntary group with
some 150,000 members.

Headquartered in Seoul, Korea, Samsung Group --
http://www.samsung.co.kr/-- the "chaebol" or industrial group
has surpassed its former archrival, the erstwhile Hyundai Group,
to become the number one business group in South Korea.
Samsung's flagship unit is Samsung Electronics, the world's top
maker of dynamic random-access memory (DRAM) and other memory
chips, as well as a global heavyweight in all sorts of
electronic gear including LCD panels, DVD players, and cellular
phones.  Other affiliated companies include credit-card unit
Samsung Card, Samsung General Chemicals, Samsung Life Insurance,
Samsung Securities, and trading arm Samsung Corporation.


===============
M A L A Y S I A
===============

ANTAH HOLDING: Unveils Resolutions Passed at AGM
------------------------------------------------
At the Annual General Meeting of Antah Holding Berhad on
February 9, 2006, the Company's Board of Directors:

   * received the Audited Financial Statements for the
     financial year ended June 30, 2004, together with the
     Reports of the Directors' and the Auditor's;

   * approved the payment of Directors' Fees for the financial
     year ended June 30, 2004;

   * re-elected these Directors, who had retired pursuant to
     Article 104 of the Company's Articles of Association:

     (a) Ong Lai and Ong Kong Lai,
     (b) Encik Jaleeludeen Bin Abu Baker, and
     (c) Cedric Choo Sia Teik;

   * re-elected the Director, Y. Bhg. Dato' Mohd Shahar Bin
     Abdul Hamid, who retired pursuant to Article 99 of the
     Company's Articles of Association; and

   * appointed auditors and to authorize the Directors to fix
     their remuneration.

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holding Berhad -- http://www.antah.com.my/-- manufactures
and trades pharmaceutical products and fluid engineering and
manufacturing.  Other activities include retailing of housewares
and kitchenware, property development, insurance broking,
provision of management services and investment holding.  The
Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom and Singapore.


DATUK KERAMAT: Public Shareholding Spread Hits 78.43%
-----------------------------------------------------
Pursuant to Paragraph 8.15(1) of the Listing Requirements of
Bursa Malaysia Securities Berhad, Datuk Keramat Holdings Berhad
unveiled its public shareholding spread as of December 31, 2006:

   (1) Percentage of Public Shareholding: 78.43%

   (2) Number of public shareholders holding not less than 100
       shares: 17,422

As previously reported in the Troubled Company Reporter - Asia
Pacific, Bursa Malaysia will possibly suspend or delist
Datuk Keramat if it fails to submit these financial reports:

-- Annual Audited Accounts for financial period ended
   December 31, 2004;

-- First Quarterly Report ended March 31, 2005;

-- Annual Report for financial period ended December 31, 2004;

-- Second Quarterly Report ended June 30, 2005; and

-- Third Quarterly Report ended September 30, 2005.

Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.


GEORGE TOWN: Shareholding Spread as of December Reaches 30.24%
--------------------------------------------------------------
In compliance with Paragraph 8.15(1) of the Listing Requirements
of Bursa Malaysia Securities Berhad, George Town Holdings Berhad
discloses that its public shareholding spread as of December 31,
2005, is at 30.24%.  The number of public shareholders holding
not less than 100 shares is 5,096.

As previously reported in the Troubled Company Reporter - Asia
Pacific, George Town may be suspended or delisted from
Bursa Malaysia for failure to submit its:

   * Annual Audited Accounts for financial period ended
     December 31, 2004;

   * First Quarterly Report ended March 31, 2005;

   * Annual Report for financial period ended December 31, 2004;

   * Second Quarterly Report ended June 30, 2005; and

   * Third Quarterly Report ended September 30, 2005.

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food centre, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.


KEMAYAN CORPORATION: Appellate Court Junks Park View Appeal
-----------------------------------------------------------
On February 8, 2006, the Court of Appeals dismissed the appeal
of Park View Resort Villa Sdn Bhd -- formerly known as Kemayan
Resort Villa Sdn Bhd, a subsidiary of Kemayan Corporation Berhad
-- against the High Court's decision for the order for Malaysia
Building Society Berhad's possession of the land held under HS
(D) 579 Lot 13830, in Mukim Kuala Paka, Terengganu Darul Iman.

The Court of Appeal further ordered that possession of the Land
be delivered over to Malaysia Building by February 22, 2006.

KCB intends to further negotiate with Malaysia Building
regarding the matter at hand.

Headquartered in Johor Darul Takzim, Malaysia, Kemayan
Corporation Berhad -- http://www.kemayan.com/-- develops,
constructs and manages properties.  The firms other activities
include the operation of resorts, cultivation of palm oil,
trading of office equipment and supplies and the provision of
management, engineering and investment holding services.
Operations of the Group are carried out in Malaysia, Asia
Pacific and others.


KEMAYAN CORPORATION: Seeks Extension of Restraining Order
---------------------------------------------------------
Kemayan Corp. Berhad had asked the High Court of Malaya, Kuala
Lumpur, to extend the Restraining Order in favor of the Company.
The High Court will hear Kemayan's Extension Application on
February 14, 2006.

Headquartered in Johor Darul Takzim, Malaysia, Kemayan
Corporation Berhad -- http://www.kemayan.com/-- develops,
constructs and manages properties.  The firms' other activities
include the operation of resorts, cultivation of palm oil,
trading of office equipment and supplies and the provision of
management, engineering and investment holding services.
Operations of the Group are carried out in Malaysia, Asia
Pacific and others.


MAGNUM CORPORATION: Buys Back Ordinary Shares
---------------------------------------------
At a shares buy-back conducted from January 23, 2006, to
February 3, 2006, Magnum Corp. Berhad repurchased 3,115,500
shares.  The total amount paid for the shares was MYR6,097,411.

The minimum price paid for each share purchased was MYR1.920
while the maximum price paid was MYR1.970.

The total number of shares retained in treasury is 99,044,400
units.

Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation
Berhad -- http://www.magnum.com.my-- operates a four-digit
number forecast betting game.  It is also engaged in property
holding and development and letting of properties, operation of
hotel, general investment holding and trading, printing
activities, credit services, securities dealing and brokerage,
and provision of computer software and other related services.
The Group sponsors Alex Yoong, the first Malaysian Formula One
driver, and KL Minardi Formula One Team.  Operations of the
Group are carried out in Malaysia, Hong Kong, The People's
Republic of China, Philippines and other countries.


MALAYSIA AIRLINES: Turnaround Plan to be Announced Feb. 27
----------------------------------------------------------
Malaysia Airlines' comprehensive business turnaround plan will
be released on February 27, 2006, the Company's chairman, Datuk
Dr Munir Majid, said.

"Our managing director Idris Jala will make the announcement,"
he told reporters after the signing of memorandum of
understanding between Malaysia Airlines and the Malaysian
Medical Relief Society (MERCY Malaysia) in conjunction with the
"Hope for Humanity Campaign."

The business turnaround plan would comprise several elements to
ensure the airline's cashflow survival, profit turnaround and
human resource development.

Malaysia Airlines came under pressure after reporting a net loss
of RM367.7 million for its second quarter ended Sept 30, 2005.
The losses were primarily attributed to high fuel prices with
fuel costs rising by 45% to RM1.2 billion which was
significantly higher than RM799 million recorded in the same
quarter of 2004.

With the loss of RM280.7 million reported in the first quarter,
the net loss for the first six months of the financial period
amounted to RM648.4 million.

Other contributing factors to the losses include staff costs,
handling and landing fees, aircraft and maintenance and overhaul
charges as well as wide asset unbundling charges and leases.


MAXIS COMMUNICATIONS: Enters Alliance with Broadband Multimedia
---------------------------------------------------------------
On February 9, 2006, PT Natrindo Telepon Seluler, a 51% owned
subsidiary of Maxis Communications Berhad, entered into a dark
fibre leasing arrangement by way of a Letter of Intent with PT
Broadband Multimedia Tbk, a related party of Natrindo.

Natrindo's and Broadband Multimedia's entry into the LOI is a
related party transaction by virtue of Paragraph 10.08 of the
Listing Requirements of Bursa Malaysia Securities Berhad.

Natrindo was incorporated in Indonesia on October 2, 2000, under
the Law of the Republic of Indonesia No: 1 Year 1995.  Its
principal activities are the provision of telecommunications
services by operating mobile telecommunications network, basic
telephony service and other related activities.

Natrindo is a 51% owned subsidiary of Teleglobal Investments
B.V., which in turn is a wholly owned subsidiary of Maxis
through Malaysian Mobile Services Sdn Bhd.  The remaining 49% is
held by PT Aneka Tirta Nusa (Tirta).

Broadband Multimedia was incorporated in Indonesia under the
Indonesian Commercial Code on January 6, 1994, and its articles
of association were subsequently adjusted to Law No. 1 Year
1995.  Broadband Multimedia is engaged in the business of
providing Cable TV, fibre optic transmission network, Internet
and its related services.

As a progressive company that is pioneering the broadband
communication service in Indonesia, Broadband Multimedia brings
advanced technology in the form of information, education and
entertainment.

To provide these, Broadband Multimedia uses high capacity
coaxial cables and fibre optic cables as its backbone to
interconnect the coaxial network system.  Broadband Multimedia
also provides high-speed communication services as part of the
Information Superhighway to prepare Indonesia's communities to
face the emerging new technologies in the telecommunications
industry.

Broadband Multimedia is a related party of Natrindo by virtue of
Broadband Multimedia having common major shareholders and
Commissioners/Directors with NTS.

The RPT provide for these basic terms:

   (a) Related Party: Broadband Multimedia

   (b) Nature of Transaction: Lease of Dark Fibre Network

   (c) Total Amount: USD28,024,000 (equivalent to
       MYR104,109,160)

   (d) Tenure: 10 years with an option to renew upon expiry

The parties will enter into a long form contract within three
months of the date of the LOI, or any other period as the
parties may agree, which will be consistent in all material
respects with the terms and principles set out in the LOI.

Upon the issuance of the LOI, a one-time installation fee is
payable together with a portion of the lease fee based on the
routes ordered by Natrindo for which it wishes to lease the dark
fibre optic cores (Rings).

Broadband Multimedia will operate and maintain the fibre in each
Ring in accordance with terms to be agreed by the parties and
provide a fibre monitoring system for all complete Rings at no
additional cost to Natrindo.

If the long form contract is not executed within three months
from the date of the LOI or such other period as the parties may
agree, Natrindo shall have the right to terminate the LOI with
immediate effect and to set off any invoiced amount due against
the installation fee and Broadband Multimedia shall refund to
Natrindo all lease fee paid in advance by Natrindo.

                            Rationale

Broadband Multimedia is the sole dark fibre network service
provider in Indonesia today and the RPT will facilitate
Natrindo's implementation schedule for the expansion and
deployment of its mobile cellular network.  Broadband
Multimedia's dark fibre network covers most of the areas where
Natrindo's network requirement to support its 2G/3G network is
located and its infrastructure covers 70% of Natrindo's planned
transmission hubs.  The availability of dark fibre is
guaranteed.

Broadband Multimedia has the people and experience in fibre
planning, operation and maintenance to help users build
communication systems or solve communication problems.

Details of the nature and extent of the interests of the
Directors, Commissioners and major shareholders of Natrindo and
persons connected to them as at February 9, 2006, are:

  (i) Broadband Multimedia is a 56.02% owned subsidiary of
      AcrossAsia Limited.  AcrossAsia is a major shareholder of
      Natrindo having a deemed effective equity interest of
      9.03% in the share capital of Natrindo via Tirta.

(ii) Dr. Cheng Cheng Wen, a Commissioner of Natrindo, is also
      an Executive Director of AcrossAsia and a Commissioner of
      Broadband Multimedia; and

(iii) Mr. Marshall Wallace Cooper, who was a Commissioner of NTS
      within the 12 months preceding the date on which the terms
      of the transaction was agreed upon, is also a Director of
      Broadband Multimedia and an Executive Director of
      AcrossAsia.

The entry into the RPT has been duly approved by the
shareholders of Natrindo and the interested Commissioner of
Natrindo has abstained from all deliberations and voting on the
resolution in respect thereof.

Effects on the share capital, substantial shareholders'
shareholdings, earnings and consolidated net assets of Maxis

The RPT will not have any effect on the share capital or the
shareholdings of the substantial shareholders of Maxis.

The RPT is also not expected to have a material effect on the
earnings per share and the consolidated net assets of Maxis for
the financial year ending December 31, 2006.

The Board of Directors of Maxis has taken into consideration all
aspects of the RPT and is of the opinion that the RPT is in the
best interests of Maxis and its subsidiaries.

The RPT does not require the approval of the shareholders of
Maxis or the approvals of any other relevant regulatory body.

As far as Maxis is aware, the RPT has not departed from the
Policies and Guidelines on Issue/Offer of Securities of the
Securities Commission.

Headquartered in Kuala Lumpur, Malaysia, Maxis Communications
Berhad -- http://www.maxis.com.my/main.asp-- provides the means
(complete mobile and fixed-line telecommunications services as
well as broadband and other Internet-related services) and the
media (mobile phones and other telecommunications equipment) by
which people can keep in touch.  The company was founded in 1995
and first started on the Kuala Lampur stock exchange in 2002.
It is listed on the Fortune 1000 compilation of the world's most
lucrative companies and is the fifth-largest publicly traded
company in Malaysia.


METROPLEX BERHAD: Finds Ways to Address Default
-----------------------------------------------
As of January 31, 2006, Metroplex Berhad and its Group's
defaulted amount to various credit facilities is estimated at
MYR1,750,745,566.60.

Currently, Metroplex is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement, which will
essentially address its payment default.

Metroplex will disclose on the outcome of these negotiations
after the Proposed Scheme is finalized.

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad is
engaged in hotel and casino operations.  The Company's other
activities include property investment, property development,
provision of administrative services, general and building
construction, leasing and financing, trading of building
materials and operation of hotel management training school.
Operations are carried out in Malaysia, Hong Kong and
Philippines.


PANTAI HOLDINGS: Converts ICULS to Ordinary Shares
--------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Pantai
Holdings Berhad's additional 20,000 new ordinary shares of
MYR1.00 each arising from the conversion of MYR20,000 nominal
amount of Irredeemable Convertible Unsecured Loan Stocks
2002/2007 on February 14, 2006.

Headquartered in Kuala Lumpur, Malaysia, Pantai Holdings Berhad
-- http://www.pantai.com.my-- provides medical, surgical and
hospital services.  The firms other activities include provision
of cleaning and maintenance services for hospitals, cardiac
cauterization, medical diagnostic, radiotherapy, oncology,
nurses training courses, medical laboratory, homecare,
rehabilitation, healthcare support, supervision of medical
examination of foreign workers, money lending, laundry and dry
cleaning and investment holding.  Operations are carried out in
Malaysia, Cayman Islands and the British Virgin Islands


POS MALAYSIA: Issues New Shares for Listing & Quotation
-------------------------------------------------------
POS Malaysia & Services Holdings Berhad's additional 78,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad on February 14,
2006.

Headquartered in Kuala Lumpur, Malaysia, POS Malaysia & Services
Holdings Berhad (PMS) formerly known as Phileo Allied Berhad
provides postal and its related services.  The firm's other
activities include property investment, financing, management
services and investment holding, fund management, unit trust
management, options, sale of digital certificates and financial
futures broking.  During the year, the Group discontinued its
fund management, unit trust management, options and financial
futures broking operations.  The Group activities are
principally conducted in Malaysia.  On December 8, 2000, the
Company disposed PhileoAllied Bank (Malaysia Bhd and Phileo
Allied Securities Sdn Bhd this subsidiaries are responsible in
the banking and stockbroking segments.


RASHID HUSSAIN: Bourse to List & Quote New Shares Today
-------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Rashid
Hussain Berhad's additional 20,000 new ordinary shares of
MYR1.00 each issued pursuant to the conversion of MYR22,600
nominal value of Irredeemable Convertible Unsecured Loan Stocks-
B 2002/2012 into 20,000 new ordinary shares today, February 13,
2006.

Headquartered in Kuala Lumpur, Malaysia, Rashid Hussain Berhad
-- http://www.rhb.com.my-- provides commercial banking,
merchant banking and offshore banking.  The Company also
provides offshore trust services, finance company business,
general insurance, leasing, securities and asset management
business, unit trust management and property investment and
management. The Group's operations are carried out in Malaysia,
Singapore, the Channel Islands, the United Kingdom, the
Philippines and Indonesia.


SUREMAX GROUP: Unit Settles Wind-Up Petition
--------------------------------------------
Long Kee Piling Works Sdn Bhd had previously filed a petition to
wind up Suremax Land Sdn Bhd, which is a wholly owned subsidiary
of Suremax Group Bhd.  Long Kee and Suremax have settled the
issue amicably.

Accordingly, Long Kee has filed a Notice of Discontinuance with
the High Court of Johor Bahru on February 9, 2006.

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.


TENAGA NASIONAL: Inks Term Loan Agreement with Malayan Banking
--------------------------------------------------------------
Tenaga Nasional Berhad has signed a Fixed Rate Term Loan
Facility Agreement -- for MYR1.0 billion -- with Malayan Banking
Berhad.

The proceeds from the term loan are to finance TNB's capital
expenditure.  The term loan is structured into four bullet loans
of MYR250.0 million each and the tenure is for seven, eight,
nine, and 10 years, respectively, from the date of draw down.

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my-- is engaged in the generation,
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.


=====================
P H I L I P P I N E S
=====================

ABS-CBN BROADCASTING: Must Pay Victims PhP.5Mln Each, Solon Says
----------------------------------------------------------------
Alagad Partylist Representative Rodante Marcoleta stated that
ABS-CBN Broadcasting Corporation should allot Php500,000 for
each of the fatalities of the "Wowowee" Stampede, and Php250,000
for each of those injured.

Mr. Marcoleta cited that several Supreme Court rulings stipulate
that a human life is worth Php50,000, adding that the victims
are "entitled to moral and exemplary damages."  "But I think, in
this case, each death should be compensated easily 500,000 pesos
and those injured about 250,000 pesos," Mr. Marcoleta said.

Mr. Marcoleta said that "[ABS-CBN] dangled oranges and apples,
tricycles and jeepneys, one million pesos and house and lot,"
and added that "even in death, the poor are exploited."

As previously reported in the Troubled Company Reporter - Asia
Pacific, 74 people were killed and up to 400 were injured in a
stampede on February 4, 2006, at the PhilSports Arena, where
ABS-CBN game show "Wowowee" was to celebrate its first
anniversary and hand out cash prizes.

A task force formed by Malaca¤ang to investigate on the accident
submitted to the Department of Justice its findings, which among
others, blamed the television network for the tragedy and cited
several of its officials for alleged negligence.

ABS-CBN Chairman and Chief Executive Officer Eugenio Lopez III
had expressed deep remorse over the tragedy, saying he held and
would hold himself responsible "should our justice system so
determine in the future."


AL AMANAH BANK: To Seek Buyer by August
---------------------------------------
Al Amanah Islamic Investment Bank will be on the auction block
without undergoing rehabilitation as earlier planned, The
Business World relates.  The planned sale was given a seven-
month timeframe, ending August 2006.

The bank's privatization committee requires the buyer to acquire
all of its liabilities between Php400 million and Php500
million.  The bank is also burdened with Php7 million in bad
loans and Php32 million in idle assets.

Potential bidders should submit their letters of intent by
February 22, 2006, from 9:00 a.m. to 4:00 p.m., to the office's
bids and awards committee in Makati City.  Once an adviser is
tapped, a new valuation for the bank will be released.

Amado M. Bulawitan, Al Amanah's senior vice-president, told
Business World that the bank's rehabilitation plan, which was
aimed at leading Al Amanah to return to profitability and become
attractive to potential buyers -- was already "out of the
picture."

The paper said that when asked about the attractiveness of the
bank, Mr. Bulawitan replied that "the bank license itself for
operating an Islamic bank is very attractive."

Headquartered in Makati City, Philippines, Al-Amanah Islamic
Investment Bank of The Philippines --
http://www.islamicbank.com.ph-- was initially launched at the
Cotobato City branch on February 11,1991 corresponding to the
27th day of Rajab 1411.  As of May 31,1991, total deposits
increased to Php4.910 million with savings deposits comprising
311 accounts, current deposits 43 accounts and investment
deposits, 3 accounts.  The Bank also received 15 applications
for financing.  The projects involved working capital
requirements for trading, real estate development and
construction business.


NATIONAL POWER: S&P Revises Rating Outlook to Stable
----------------------------------------------------
Standard & Poor's Ratings Services has revised the outlooks on
its 'BB-' foreign currency credit rating and 'BB+' local
currency credit ratings on Philippines' National Power
Corporation to stable from negative.  In addition, Standard &
Poor's revised its outlook on the 'BB-' rating for US$85 million
senior secured notes issued by Bauang Private Power Corp. to
stable from negative.  At the same time, the respective credit
ratings were affirmed.

These revisions come after Standard & Poor's revised the
outlooks on the 'BB-/B' foreign currency and 'BB+/B' local
currency sovereign credit ratings on the Republic of Philippines
to stable from negative.  The sovereign rating action reflects
Standard & Poor's revised expectations concerning the prospects
of policy continuity and adherence to fiscal consolidation
following the recent implementation of the expanded VAT law, and
better-than-expected fiscal performance over 2005 showing rising
revenue intake.


NATIONAL POWER: Says No Power Crisis This Year
----------------------------------------------
State-owned National Power Corporation said that the power
supply situation in the Philippines will remain stable amid
speculations of a power crisis, The Philippine Star says, citing
Napocor President Cyril C. Del Callar.

Mr. Del Callar was reacting to a recent statement made by
Socioeconomic Planning Secretary Augusto Santos that said a
power crisis will hit the country in 2006, since no new power
plants are being built in consideration of the projected 5.7%
growth in the economy.

According to Mr. Del Callar, the country has an installed
capacity of over 12,000 megawatts at present, which capacity is
more than enough to meet the peak demand of 6,768 megawatts
forecast for 2006.

The Napocor official added that two of their biggest generation
facilities in Luzon are in fact relatively new -- the Ilijan
gas-fired power plant, which has a capacity of 1,271 MW, was
built only in 2002, while the Sual coal-fired power plant, which
has a capacity of 1,294 MW, was commissioned only in 1999.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  Its transmission network has a line length of nearly
13,000 circuit miles.  With a generating capacity of more than
11,500 MW, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets.  It has also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.


* Firms May Lose Up To Php5 Billion Under IAS
---------------------------------------------
The Philippine Federation of Preneed Plan Companies Inc. said
that member-firms may lose around Php3 billion to Php5 billion
in revenues due to the implementation of the International
Accounting Standards this year, ABS-CBN News reports.

Alba said that the IAS will impact older pre-need firms more
than the firms formed recently.  Under the IAS, pre-need
companies' collections will be considered liabilities as opposed
to the Pre-Need Uniform Chart Of Accounts, which regards
collections as revenues.

Alba however said the Philippine Securities and Exchange
Commission is open to allowing companies to submit a PNUCA-based
financial statement in April and an IAS-based financial
statement in August.


* Outlook on Philippines Revised To Stable From Negative
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
sovereign credit rating of the Philippines government to stable
from negative.  At the same time, the 'BB-/B' foreign currency
and 'BB+/B' local currency ratings on the sovereign were
affirmed.

"The stable outlook reflects revised expectations concerning the
prospects of policy continuity and adherence to fiscal
consolidation, which foreshadows improved chances for overall
deficit reduction, and stabilization of the country's debt
dynamics," said Standard & Poor's credit analyst Agost Benard.
This outlook revision comes in the wake of better-than-expected
2005 fiscal outturn, and recent implementation of the main
revenue-boosting measure of the expanded VAT, first signed into
law in June 2005.

The 2005 fiscal results show deficit of an estimated 2.7% of
GDP, and a primary surplus of 2.9% of GDP, the highest attained
since 1997.  There is scope for further improvement this year
with the additional revenue from the VAT, while the consolidated
public sector deficit should narrow from lower losses by state
electricity Company National Power Corporation, after tariff
rate rises were granted last year.

Despite the stemming of fiscal deterioration, the Philippines'
debt service ratio is still one of the highest among rated
sovereigns at about 36% of revenues.  The administration's
challenge is to turn the recent fiscal advances into a sustained
and expanded trend.  This will require ongoing political
commitment, effective implementation and administration of the
VAT, and continued reduction of tax evasion.  If successful, it
will enable further deficit and debt reduction, while allowing
spending on infrastructure.

The outlook and ratings on the Philippines could benefit if the
revenue increase, and public sector reforms, including
privatization of the electricity sector, become sufficiently
entrenched to effect a material decline in government debt,
which has hovered at above 75% of GDP in recent years.  If,
however, the process lapses, or becomes derailed by political
imperatives, the outlook could again come under downward
pressure.


=================
S I N G A P O R E
=================

COLOSSEUM CORPORATION: Court Issues Winding Up Order
----------------------------------------------------
On January 20,2006, the Singapore High Court issued an order to
liquidate Colosseum Corporation (Pte) Limited.

All creditors of the Company should file their proofs of claim
with:

          The Official Receiver
          Insolvency & Public Trustee's Office
          45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118

All debts due to the Company should be forwarded to the
Liquidator.


DCS SOLUTIONS: Lim Pang Seek Files Wind-up Petition
---------------------------------------------------
On January 26, 2006, Lim Pang Seek filed a petition to wind up
DCS Solutions Limited.

The Singapore High Court has scheduled to hear the Petition on
February 17, 2006, at 10:00 a.m.

Any Company creditor or contributory who wants to support or
oppose the proposed wind-up order may appear at the hearing by
himself or his counsel.

The Petitioner's solicitors, Messrs. Foo, Liew and Philip Lam,
will provide, upon payment of a regulated charge for the same, a
copy of the winding up petition to any Company creditor or
contributory who requires a copy of the petition.

Any person who intends to appear at the hearing of the petition
must serve on or send by post to solicitors Messrs. Foo, Liew
and Philip Lam a written notice of his intention.  The notice
must state the name and address of the person, or, if a firm,
the name and address of the firm, and must be signed by the
person, firm or his or their solicitor (if any) and must be
served, or, if posted, must be sent by post to reach the
solicitors not later than 12:00 p.m. on February 16, 2006.


DOWFLECT TRADING: Creditors' Claims Due Feb. 24
-----------------------------------------------
Dowflect Trading Pte Limited will declare a dividend to its
creditors.

Creditors of the Company must submit their formal proofs of
claim by February 24, 2006, to:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118

Failure to submit a proof of claim will exclude a creditor from
the benefit of the dividend.


HESHE HOLDINGS: Director Subscribes for Shares
----------------------------------------------
Heshe Holdings Limited non-executive director Soh Kim Yong
informed the Company that he would exercise an option to
subscribe for 20,000,000 ordinary shares in the Company's share
capital at SGD0.055 per share, pursuant to an investment
agreement dated August 18, 2004, between both parties.

The exercise option is set to be concluded on February 14, 2006.
Once the exercise is completed, Heshe Holdings will receive SGD1
million, to be used for reducing its liabilities to creditors
and for its general working capital.

Heshe Holdings Limited started out in 1971 as a retail
partnership selling ready-to-wear shirts.  Its name was changed
to Heshe Holdings Limited in 1975, when it took on the role of
an investment holding company.  Subsequently, the Group expanded
its business to include manufacturing and a distribution network
of retail shops selling its own in-house brands, primarily the
Lea brandname as well as those of local designers and labels.


LINDETEVES-JACOBERG: To Hold End-of-Month EGM
---------------------------------------------
Lindeteves-Jacoberg Limited had dispatched a circular to its
shareholders announcing that it will hold an extraordinary
general meeting on February 27, 2006, at 10:00 a.m.

At the meeting, Lindeteves-Jacoberg will seek shareholder
approval for its proposed restructuring plan, which was approved
(in-principle) by the Singapore Exchange Securities Trading
Limited.  Specifically, the Company seeks shareholder approval
of:

   (1) the proposed issue of new ordinary shares in the capital
       of the Company to ATB Austria Antriebstechnik AG,
       representing 29.99% of the enlarged issued share capital
       of the Company, for an aggregate subscription
       consideration of SGD24,668,010; and

   (2) the proposed issue of new ordinary shares in the capital
       of the Company, representing 12% of the enlarged issued
       share capital of the company, to the scheme creditors (as
       defined in the Circular) pursuant to a conversion of
       debts owing by the Company to the scheme creditors in
       accordance with the debt restructuring exercise.

A full-text copy of Lindeteves-Jacoberg's 48-page circular to
shareholders is available for free at:

   http://bankrupt.com/misc/tcrap_lindeteves-jacoberg021006.pdf

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was
incorporated in Singapore on 11 December 1947 as part of a Dutch
international trading group.  Its principal activities consist
of investment holding, provision of warehousing and rental
services and acting as specialist mechanical and electrical
contractor for environmental engineering projects.  LJL's
subsidiaries engage in manufacturing and distibution of electric
motors and components, power generation and supply through small
scale independent power plants, engineering and distribution and
trading of consumer goods, industrial products and chemical raw
materials.


===============
T H A I L A N D
===============

THAI HEAT: Plans to Exit Rehab Ahead of Schedule
------------------------------------------------
As part of its efforts to exit from business rehabilitation
ahead of schedule, Thai Heat Exchange Public Co. Limited will
issue at least 230 million capital-increased shares to a new
investor, The Nation reports.

The proceeds of the sale would be used to repay the Company's
THB280 million worth of debts.

However, the Company still has to seek creditors' approval for
the planned new share issue.  The creditors are set to hold a
meeting on February 21, 2006, to vote for the planned share
allocation.

Surin Wansripensakul, one of the administrators for the
company's business-rehabilitation plan, told the Nation that
if the creditors favor the share allocation, it would take two
to three months for the sale to be completed.

The new investor would hold at least 50% of Thai Heat once it
acquires the issued shares, and help the Company return to a
solvent status this year, earlier than next year as originally
planned.

TMB Bank is Thai Heat Exchange's major creditor and owns 4.62%
of the Company.  "The potential partner believes the company has
a cash-flow problem and shoulders too much debt. It will repay
the debts first and then rearrange the company's capital
structure," Mr. Surin said.

Headquartered in Bangkok, Thailand, Thai Heat Exchange Public
Co. Limited -- http://www.thaiheat.com/-- manufactures car air-
conditioners.  Thai Heat has been on its own to develop
business, serving almost all European cars in Thailand on OEM
basis and exporting to various countries in Asia.  Today, export
includes Australia, Middle East, Europe, Far East and USA.
Thai Heat has also been manufacturing quality condenser coils,
evaporator coils for automobile and room air-conditioners and
other application such as slab coils, cooler coils, heater
coils, refrigeration coils, box air-conditioners, and cater to
the various sectors of its large clientele.





                            *********


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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